Rady Foundation linked to AAT (AAT) buys 170,640 shares in open market

Rhea-AI Filing Summary

American Assets Trust, Inc. insider reporting shows entities associated with Executive Chairman Ernest S. Rady increasing their stake through open-market purchases of common stock. Rady Foundation, which is directly controlled by him, bought a total of 170,640 shares across three days at prices around $21 per share, bringing its reported holding to 1,179,661 shares. The filing also lists substantial additional direct and indirect holdings through trusts, corporate entities, and an IRA, with Rady disclaiming beneficial ownership of several of these positions except for his pecuniary interest.

Insights

Real estate securities analyst

Entities tied to AAT’s chairman made sizable open-market share purchases.

The filing shows Rady Foundation, an entity controlled by Executive Chairman Ernest S. Rady, executing three open-market purchases totaling 170,640 American Assets Trust shares at prices slightly above $21 per share. These are straightforward P-code purchases, not option exercises or tax withholdings.

Following these trades, Rady Foundation’s reported position rises to 1,179,661 shares, alongside other large indirect holdings via trusts and controlled companies where Rady disclaims beneficial ownership beyond his pecuniary interest. The pattern is a net buy with no sales reported, and no Rule 10b5-1 trading plan is referenced in the excerpt.

Because the filing does not provide share-count baselines for the issuer as a whole, the materiality of these purchases relative to American Assets Trust’s total equity can’t be assessed here. On its face, this looks like a meaningful but routine accumulation by entities associated with a major insider, without additional strategic or financial signals disclosed.

Insider Trade Summary

Net Buyer: 170,640 shares ($3,589,826)

Net Buy 9 txns

Insider RADY ERNEST S

Role Executive Chairman

Bought 170,640 shs ($3.59M)

Type	Security	Shares	Price	Value
Purchase	Common Stock, par value $0.01	78,000	$21.09	$1.65M
Purchase	Common Stock, par value $0.01	78,000	$20.99	$1.64M
Purchase	Common Stock, par value $0.01	14,640	$21.01	$308K
holding	Common Stock, par value $0.01	--	--	--
holding	Common Stock, par value $0.01	--	--	--
holding	Common Stock, par value $0.01	--	--	--
holding	Common Stock, par value $0.01	--	--	--
holding	Common Stock, par value $0.01	--	--	--
holding	Common Stock, par value $0.01	--	--	--

Holdings After Transaction: Common Stock, par value $0.01 — 1,179,661 shares (Indirect, By RF); Common Stock, par value $0.01 — 66,680 shares (Direct, null)

Footnotes (1)

1. Represents shares held by Rady Foundation ("RF"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by Ernest Rady Trust U/D/T March 10, 1983 ("ERT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by American Assets, Inc. ("AAI"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by Insurance Company of the West ("ICW"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by Explorer Insurance Company ("EIC"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by Evelyn Shirley Rady Trust U/D/T March 10, 1983 ("ESRT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by Ernest Rady IRA.

Key Figures

Total shares bought: 170,640 shares Purchase price: $21.09 per share Purchase price: $20.99 per share +5 more

8 metrics

Total shares bought 170,640 shares Open-market purchases by Rady Foundation

Purchase price $21.09 per share Open-market buy on May 14, 2026

Purchase price $20.99 per share Open-market buy on May 13, 2026

Purchase price $21.01 per share Open-market buy on May 12, 2026

Rady Foundation holding 1,179,661 shares Indirect ownership after May 14, 2026 trade

ERT holding 8,114,565 shares Indirect ownership via Ernest Rady Trust

AAI holding 2,267,022 shares Indirect ownership via American Assets, Inc.

Direct IRA holding 66,680 shares Shares held by Ernest Rady IRA

Key Terms

open-market purchase, indirect ownership, beneficial ownership, pecuniary interest, +2 more

6 terms

open-market purchase financial

"transaction_action: "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

indirect ownership financial

"ownership_type: "indirect" with nature_of_ownership "By RF""

beneficial ownership financial

"The Reporting Person disclaims beneficial ownership of such shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his pecuniary interest therein"

trustee financial

"for which the Reporting Person is the trustee"

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RADY ERNEST S

(Last) (First) (Middle)

C/O AMERICAN ASSETS TRUST, INC.

3420 CARMEL MOUNTAIN ROAD, SUITE 100

(Street)

SAN DIEGO CALIFORNIA 92121

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
American Assets Trust, Inc. [ AAT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/12/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01	05/12/2026		P		14,640	A	$21.01	1,023,661	I	By RF(1)
Common Stock, par value $0.01	05/13/2026		P		78,000	A	$20.99	1,101,661	I	By RF(1)
Common Stock, par value $0.01	05/14/2026		P		78,000	A	$21.09	1,179,661	I	By RF
Common Stock, par value $0.01								8,114,565	I	By ERT(2)
Common Stock, par value $0.01								2,267,022	I	By AAI(3)
Common Stock, par value $0.01								1,275,336	I	By ICW(4)
Common Stock, par value $0.01								200,000	I	By EIC(5)
Common Stock, par value $0.01								100,459	I	By ESRT(6)
Common Stock, par value $0.01								66,680	D(7)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares held by Rady Foundation ("RF"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

2. Represents shares held by Ernest Rady Trust U/D/T March 10, 1983 ("ERT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

3. Represents shares held by American Assets, Inc. ("AAI"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

4. Represents shares held by Insurance Company of the West ("ICW"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

5. Represents shares held by Explorer Insurance Company ("EIC"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

6. Represents shares held by Evelyn Shirley Rady Trust U/D/T March 10, 1983 ("ESRT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

7. Represents shares held by Ernest Rady IRA.

Remarks:

	/s/ Meleana Leaverton, Attorney-in-fact	05/14/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did American Assets Trust (AAT) report for Ernest S. Rady?

The report shows entities associated with Executive Chairman Ernest S. Rady making open-market purchases of American Assets Trust common stock. Rady Foundation bought 170,640 shares over three days at prices around $21 per share, with no sales reported in this filing excerpt.

How many AAT shares did Rady Foundation buy and at what prices?

Rady Foundation purchased 170,640 American Assets Trust shares in three open-market transactions. The reported per-share prices were $21.09, $20.99, and $21.01, indicating consistent accumulation around the low $21 level during the disclosed trading dates.

What is Rady Foundation’s AAT share position after these purchases?

After the reported trades, Rady Foundation’s position stands at 1,179,661 American Assets Trust common shares. This figure reflects indirect ownership controlled by Executive Chairman Ernest S. Rady, who disclaims beneficial ownership except to the extent of his pecuniary interest in the foundation.

Are the AAT shares held only through Rady Foundation for Ernest S. Rady?

No. The filing lists additional direct and indirect holdings through an IRA, several trusts, and controlled companies such as American Assets, Inc. and Insurance Company of the West. For many of these, Ernest S. Rady disclaims beneficial ownership beyond his pecuniary interest.

Do these American Assets Trust insider trades involve options or derivatives?

No derivative transactions are shown in the excerpt. All reported trades with share and price data are non-derivative open-market purchases of common stock. The derivativeSummary section is empty, indicating no option exercises or other derivative-related insider activity in this particular report.